By Sheri Kasprzak
New York, July 17 - Afren plc pocketed another $25 million from its previously announced private placement of convertible bonds, bringing the proceeds to $75 million.
The 9% bonds due 2011 are convertible into common shares at 60p each, a 25% premium to the company's then-current market price.
The $25 million in bonds were purchased by Heerema Group, a Dutch oilfield services company.
Jefferies International Ltd. was the placement agent.
The first closing occurred on July 4 for $50 million.
Proceeds from both closings will be used for exploration on the company's properties in West Africa.
Based in London, Afren is an oil and natural gas company focused on properties in Africa.
| Issuer: | Afren plc
|
| Issue: | Convertible bonds
|
| Amount: | $75 million
|
| Maturity: | 2011
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | 60p
|
| Warrants: | No
|
| Placement agent: | Jefferies International Ltd.
|
| Investor: | Heerema Group (for $25 million)
|
| Settlement date: | July 17
|
| Stock symbol: | London: AFR
|
| Stock price: | 46p at close July 14
|
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